Seazen(SH:601155) Ge Long Hui·2025-08-31 00:44Core Viewpoint - Under the macro backdrop of industry adjustment, the company demonstrates strong resilience through its "residential + commercial" dual-drive strategy, maintaining positive profitability and steady operational development [1] Financial Performance - In the first half of 2025, the company achieved revenue of 22.1 billion, with a net profit attributable to shareholders of 0.895 billion and a non-deducted net profit of 0.947 billion, reflecting a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [2] - The company reported a contract sales amount of 10.33 billion and a sales area of 1.335 million square meters, with a cash collection amount of 11.884 billion, resulting in a cash collection rate of 115.05% [2] - As of the reporting period, the company had a cash balance of 9.183 billion and a net debt ratio of 53.40%, indicating a solid financial foundation [2] Debt Management - The company actively adjusted its debt structure, reducing the financing balance to 52.276 billion, down by 1.374 billion from the beginning of the year, and reducing joint venture interest-bearing liabilities to 2.582 billion [3] - The company emphasizes "delivery assurance" as a core responsibility, completing over 16,000 residential deliveries in the first half of the year [3] Commercial Operations - The company achieved commercial operating revenue of 6.944 billion, a year-on-year increase of 11.8%, with property leasing and management gross profit contributing 77.06% to total gross profit [4] - The company has expanded its commercial footprint, with 205 integrated projects across 141 cities and a stable occupancy rate of 97.81% [4] Strategic Initiatives - The company adheres to a "five-sided management philosophy" focusing on quality, customer satisfaction, professional craftsmanship, green intelligence, and mutual engagement, enhancing its competitive edge in offline commerce [5] - The company has successfully integrated sports and commercial activities, exemplified by the "I Love You · May" campaign and collaborations with top sports IPs [5] Financing Strategy - The company successfully issued a $300 million senior unsecured bond and a 1 billion medium-term note, maintaining a low financing cost [7] - The company has diversified its financing channels, with approximately 4.479 billion in new financing secured against operational properties [7] Construction Management Business - The company's construction management business has seen significant growth, with over 3.05 million square meters of new signed area in the first half of 2025, contributing to a sustainable income model [8]